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SMM July 3
At 11:30 today, the futures closing price was 80,910 yuan/mt, up 10 yuan/mt from the previous trading day. The average spot premiums/discounts were 115 yuan/mt, down 5 yuan/mt from the previous trading day. Today, the price of secondary copper raw material rose 400 yuan/mt MoM. The price of bare bright copper in Guangdong was 74,200-74,400 yuan/mt, up 400 yuan/mt from the previous trading day. The price difference between copper cathode and copper scrap was 1,982 yuan/mt, down 421 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,610 yuan/mt. According to the SMM survey, regarding the implementation of "reverse invoicing," Anhui and Hubei provinces have fully implemented it. Some enterprises reported that after the full implementation of the policy, secondary copper rod enterprises still need time to adapt, and they need to gradually improve the relevant procedures and processes upstream in terms of raw material procurement. In the short term, they may have to suspend production and resume normal production only after the raw material procurement work is streamlined.
